Three Arrows Capital is currently facing liquidation from crypto lending platforms. BlockFi, one of the leading decentralized finance (DeFi) lending firms, has already liquidated 3AC after failing to fulfill its margin calls.
The crypto hedge fund and venture capital firm is considering selling its remaining assets and even getting a bailout.
Kyle Davis, co-founder of 3AC, told the WSJ that the Terra Luna blockchain misfortune had crushed the company. 3AC bravely participated in the Luna Foundation Guard $1 billion token sales, purchasing approximately $200 million in LUNA (LUNC).
Prior to the collapse of LUNC to zero, 3AC had 10.9 million LUNC tokens worth approximately $560 million locked on the platform. According to a rumor on the Terra forums, these tokens are currently worth less than $1000.
The volatility of the cryptocurrency market has also been felt by 3AC. Bitcoin and Ethereum prices have fallen back to 2020, causing massive liquidations of 3AC's positions. 3AC was liquidated by some of the top DeFi lending platforms, including BlockFi, after failing to meet its margin calls.
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